Business Directories

Turkish property market sees 60pc sales rise

Istanbul, August 4, 2014

The Turkish property market recorded a 60 per cent increase in year-on-year sales to foreigners in Turkey during the first six months of the year, totalling to more than 8,500 property purchases, said a report.

Istanbul alone recorded a 150 per cent rise in foreign buyers, putting it ahead of the tourist province of Antalya, home to the resorts of Alanya, Belek and Kalkan, according to property agency Spot Blue International quoting figures from the Turkish Statistical Institute.

It also pointed out that the average price of a new Turkish home was 12.05 per cent higher in June compared to the same period last year.

The rising property values, booming tourist numbers and improving air access accounts for Turkey’s attraction to foreign property-buyers during the first half of the year, said the report.

Julian Walker, director, said: “Istanbul has certainly been a winner for us this year. Interest has been strong from Middle Eastern buyers in particular, with most buying one or more buy-to-lets in the mushrooming suburbs of the city, such as Beylikduzu and Bahcesehir.”

The agency also pointed out that foreign visitors to Turkey increased 3.24 per cent year-on-year in the first three months of 2014, reaching 4.35 million, according to Turkey’s Ministry of Tourism and Culture, while the second quarter recorded even greater growth with an increase of 6.8 per cent, peaking at 10.9 million.

“Increased tourists not only stimulate the property market in terms of sales, but they also are encouraging for foreign owners who let their property to holidaymakers,” said Walker.

Meanwhile, Turkey’s global air links and air traffic has continued to grow, with interest in the Middle East driving much of this. In June, a record 16 million passengers passed Turkish airports, while in May, Istanbul’s Ataturk Airport broke a European record for the highest number of landings, namely 1,267, in any one day. - TradeArabia News Service